Cenovus Energy Inc $CVE Stock: Letko Brosseau & Associates Inc. Decreases Position

Letko Brosseau & Associates Inc. decreased its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 0.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 5,283,063 shares of the oil and gas company’s stock after selling 44,644 shares during the period. Cenovus Energy comprises approximately 2.1% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 17th biggest holding. Letko Brosseau & Associates Inc. owned 0.29% of Cenovus Energy worth $164,622,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CVE. Orion Capital Management LLC acquired a new position in shares of Cenovus Energy during the 2nd quarter worth $25,000. Versant Capital Management Inc grew its stake in Cenovus Energy by 990.9% in the 3rd quarter. Versant Capital Management Inc now owns 1,080 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 981 shares during the last quarter. Gables Capital Management Inc. acquired a new stake in Cenovus Energy in the 2nd quarter valued at about $35,000. GK Wealth Management LLC acquired a new stake in Cenovus Energy in the 3rd quarter valued at about $59,000. Finally, Allworth Financial LP acquired a new stake in Cenovus Energy in the 2nd quarter valued at about $68,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on CVE shares. Royal Bank Of Canada lifted their target price on shares of Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. UBS Group lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, August 27th. Weiss Ratings cut shares of Cenovus Energy from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, November 4th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Cenovus Energy in a research report on Sunday, October 18th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $39.00.

Cenovus Energy Stock Up 1.7%

CVE opened at $28.91 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.64 and a debt-to-equity ratio of 0.24. The firm has a market cap of $52.24 billion, a P/E ratio of 8.53 and a beta of 0.38. Cenovus Energy Inc has a 52 week low of $15.63 and a 52 week high of $34.16. The business’s fifty day simple moving average is $31.58 and its 200 day simple moving average is $27.85.

Cenovus Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be issued a C$0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Tuesday, December 15th. Cenovus Energy’s dividend payout ratio is 18.88%.

Cenovus Energy Company Profile

Cenovus Energy is an integrated energy company headquartered in Calgary, Alberta. Its activities include producing oil and natural gas, processing oil sands, refining crude oil and marketing energy products. The company’s upstream operations include oil sands and conventional assets in Western Canada, as well as offshore production. Its downstream business operates refineries in Canada and the United States, helping connect its production with markets for refined products. Cenovus was created in 2009 when Encana separated its integrated oil business.